Altair Announces Third Quarter 2020 Financial Results

ALTAIR ENGINEERING INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

  Three Months Ended
September 30,
   Nine Months Ended
September 30,
 
(in thousands, except per share data) 2020   2019   2020   2019 
Revenue               
License$55,023  $46,853  $183,584  $180,127 
Maintenance and other services 32,787   30,963   94,502   85,388 
Total software 87,810   77,816   278,086   265,515 
Software related services 6,170   7,956   18,548   25,635 
Total software and related services 93,980   85,772   296,634   291,150  
Client engineering services   10,868       12,803       34,386       37,265  
Other   1,608       1,831       5,460       6,623  
Total revenue   106,456       100,406       336,480       335,038  
Cost of revenue                              
License   4,477       4,371       12,851       13,146  
Maintenance and other services   9,626       9,548       28,583       27,509  
Total software *   14,103       13,919       41,434       40,655  
Software related services   4,996       6,013       15,141       19,143  
Total software and related services   19,099       19,932       56,575       59,798  
Client engineering services   8,510       10,160       27,617       29,993  
Other   1,427       1,649       4,422       5,858  
Total cost of revenue   29,036       31,741       88,614       95,649  
Gross profit   77,420       68,665       247,866       239,389  
Operating expenses:                              
Research and development *   30,678       29,667       91,115       87,012  
Sales and marketing *   26,998       25,790       80,903       78,462  
General and administrative *   20,905       20,706       63,499       60,886  
Amortization of intangible assets   3,858       3,545       11,390       10,673  
Other operating income, net   (1,596 )     (536 )     (3,431 )     (1,702 )
Total operating expenses   80,843       79,172       243,476       235,331  
Operating (loss) income   (3,423 )     (10,507 )     4,390       4,058  
Interest expense   2,934       2,726       8,590       3,586  
Other income net   (782 )     (588 )     (1,852 )     (703 )
(Loss) income before income taxes   (5,575 )     (12,645 )     (2,348 )     1,175  
Income tax expense   2,930       3,294       10,350       7,215  
Net loss $ (8,505 )   $ (15,939 )   $ (12,698 )   $ (6,040 )
Loss per share:                              
Net loss per share attributable to common
stockholders, basic and diluted
$ (0.12 )   $ (0.22 )   $ (0.17 )   $ (0.08 )
Weighted average shares outstanding:                              
Weighted average number of shares used in computing
net loss per share, basic and diluted
  73,311       71,770       72,979       71,313  

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